LONDON, UK / ACCESSWIRE / October 4, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Lexington Realty Trust (NYSE: LXP) ("Lexington"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=LXP. The Company announced on October 02, 2017, that it has acquired a 3.2 million square foot, three-property industrial portfolio for approximately $200 million, at initial GAAP and cash yields of 6.5% and 5.8%, respectively. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Insights of the Portfolio Transaction

  • All three properties are located along Interstate 40 in Tennessee and Mississippi, and are each 100% net-leased to investment-grade rated tenants.
  • The properties are newly-constructed, Class A warehouse/distribution facilities.
  • The portfolio has a weighted-average remaining lease term of approximately 9.8 years.
  • The deal is in accordance with Lexington's objective of purchasing well-located, high-quality industrial assets.
  • The transaction was funded through borrowings on Lexington's revolving credit facility, which was subsequently increased, together with related term loans, by an aggregate of $200 million.

Property Details

  • First Property - The first property is a 1.5 million square foot warehouse and light assembly facility, located in Smyrna, Tennessee; a bulk-logistics sub-market of Nashville, Tennessee. It was net-leased to Nissan North America, Inc. for around 10 years, and is located adjacent to Nissan's largest auto manufacturing plant in the US. This property distributes parts directly to the Nissan plant via a private connector road.
  • Second Property - The second property is a 1.1 million square foot distribution center, located on the I-40 corridor between Nashville and Memphis, in Jackson, Tennessee. It was net-leased to Kellogg's Sales Company for 10 years, and constitutes developable expansion land that provides flexibility to Kellogg and/or future users, along with extra wide truck courts and over 500 trailer stalls. This property distributes 100% of Pringles products nationally.
  • Third Property - The third property is a 615,600 square foot distribution center, located on the Mississippi side of the Memphis industrial market in Byhalia, Mississippi; a prime location with convenient access to both rail and interstates. It was designed to modern logistical standards and was net-leased to McCormick & Co., Inc. for around 10 years. This site is used by McCormick as one of their three regional distribution centers in the US for their food and spice business.

About Lexington Realty Trust

Founded in 1986, Lexington is a publicly traded real estate investment Trust owning a large, well-diversified investment portfolio of equity and debt investments in single-tenant, net-leased commercial properties, and land across the United States. Headquartered in New York City, New York, the Trust also provides investment advisory and asset management services to investors in the single-tenant, net-lease asset market.

Last Close Stock Review

On Tuesday, October 03, 2017, the stock closed the trading session at $10.42, slightly up 0.87% from its previous closing price of $10.33. A total volume of 1.01 million shares have exchanged hands, which was higher than the 3-month average volume of 833.17 thousand shares. Lexington Realty Trust's stock price advanced 4.30% in the last three months, 2.66% in the past six months, and 2.26% in the previous twelve months. The stock is trading at a PE ratio of 63.54 and has a dividend yield of 6.72%. At Tuesday's closing price, the stock's net capitalization stands at $2.51 billion.

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SOURCE: Pro-Trader Daily